Prominent local entrepreneur Ahmed Nazeer (Crown Company Maldives) claims the hefty USD1 billion loan taken for Velana International Airport's (VIA) development can be recovered in 15 years.
Nazeer said the loan amount will be paid without the inclusion of Maldives state budget.
The business and tourism pioneer said Maldives currently has employed an 'accelerated economic' for the development of the international airport.
"We are working with foreign experts. Our investment is around USD1 billion and we estimate the recovery period for this will be 15 years. Most of the largest loans are acquired from China, Saudi Arabia and Middle-Eastern funds. They are providing us the loans for a small interest with a settlement period of 25 years," Nazeer said.
According to the entrepreneur Maldivian economic background is stable and rich enough to settle the loan payment without the need of state budget.
Hotel and Resort chairman Mohamed Ali Janaah claimed the Maldivian economy currently is capable of paying the loan without relying on state budget.
The development and expansion of Velana International Airport is believed to exceed a project cost of USD800 million (nearing USD1 billion).
